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TechFlow news, according to CoinDesk, Paxos' Singapore entity has received in-principle approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services in Singapore.
The in-principle approval establishes the new entity Paxos Digital Singapore Pte. The company's leaders said that upon receiving full approval to operate in Singapore, Paxos will collaborate with enterprise clients to issue USD-backed stablecoins.
Paxos, a stablecoin issuer, has received in-principle approval from the Monetary Authority of Singapore (MAS) for its Singapore entity to provide digital payment token services. The in-principle approval establishes the new entity Paxos Digital Singapore Pte. Ltd. Company leaders said that once fully approved to operate in Singapore, Paxos will partner with enterprise clients to issue U.S. dollar-backed stablecoins.
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